Chicago, IL- At an award ceremony held during the Novogradac Historic Tax Credit Conference at the Drake Hotel in Chicago, the Novogradac Journal of Tax Credits honored the recipients of the 2014 Historic Rehabilitation Awards. Award winners were recognized for their “exceptional achievement in preservation using the historic rehabilitation tax credit (HTC)”. Recipients of the Historic Rehabilitation Award were recognized in three categories: Major Community Impact, Overcoming Significant Obstacles and Financial Innovation.
Novogradac & Company LLP honored Steeple View Lofts as an Honorable Mention winner in the Historic Development that Best Exemplifies Major Community Impact.
“Recipients of the Historic Rehabilitation Awards represent some of the very best work in historic preservation,” said Michael J. Novogradac, CPA and managing partner of Novogradac & Company LLP. “We are pleased to commend their accomplishments and to spotlight the importance of the historic tax credit in revitalizing communities.”
Steeple View Lofts on North Water Street in Lancaster, PA exemplifies how the revival of a historic asset can have major impacts on a community. Located in the City’s Gallery Row Arts district, the North Water Street Development, now known in the community as Steeple View Lofts, includes 36 senior apartments and 10,200 Sq.Ft of street-level retail and office space. Downtown Lancaster is a highly walkable community with creative parks and community space. Today, the Gallery Row Arts district, where the project is located, is a thriving commercial district, offering restaurants, retail and art galleries that attract people in the area both day and evening. Historic Tax Credits were utilized in the financing of Steeple View Lofts, the project created affordable rental commercial space and increased affordable housing options for the growing senior population in the Lancaster community as well as adding foot traffic and stability to Gallery Row.
Please visit Novogradac & Company LLP for more information on 2014 Historic Rehabilitation Award recipients.
Click here to read the official Novogradac press release.